Every business is unique with its own objectives, aspirations, procedures, and achievements. In today’s world, just making the right decisions regarding your business is not the key but it has to come at the right time. And this could be a make or break for any business. Nokia makes the best example in this regard when being the market leader it was ousted due to delay in adopting the market trend. Thus, it unanimously calls for businesses to focus on their key strengths and core competencies and let the latest market trends and technologies take care of the rest. One of the major challenges faced by business is to bridge the gap between their business functions and resources. Numerous companies have failed miserably to integrate their different departments, people and information to achieve a consolidated and strategic outcome.
Enterprise Resource Planning can help organizations to streamline their business processes and bring together contrasting activities under a single integrated and intelligent software application. With the inception of the latest trends and technologies in the field of ERP is dynamically revolutionizing the whole world of doing the business, cloud, and blockchain being the talk of the town. But even now, implementation partners do find change management as the biggest thing to haunt them. Many organizations are yet not ready to let go of their legacy and age-old excel based business practices in alleged fear of job cuts. Apparently, the time has come when they should look at the bigger picture and walk hands-in-hands with the world and technology to compete and grow in a healthy environment.
Below are the few reasons why organizations should invest in ERP-
1. Process Standardization and Data Integration
With legacy systems and excel based business execution, disparity tends to leak in the system and vary contrastingly with every employee’s style and skill. This results in stale and redundant information being transferred, wastage of time and efforts and chaos in decision making. ERP systems assist in binding all disparate business activities and information tightly under one integrated application and allow users to make informed and precise decisions. It also gives organizations control over their business activities and provides data security.
2. Improved Accountability and Reporting
Finance is one of the most crucial aspects from any business point of view and none can risk that. With the growth in business grows the magnitude of your financial transactions, reporting and, accountability. Thus, keeping track of your financials becomes utmost important during the bullish phase of your business. One cannot afford manual error as an excuse. ERP plays a vital role in keeping a track of each and every incoming and outgoing transaction, thus integrating information to negate the redundancy and provide a centralized overview for responsible decision making.
3. Productivity Enhancement
Communication gap has been one of the major excuses to a number of business blunders. Quantum of information reduces and deteriorates while passing through multiple channels. ERP addresses this problem by encouraging communication among various departments and enabling information sharing almost in real time, leaving no scope for any miss. This leads to better interaction and smoother functioning of the business process. With a reduction in such overheads, productivity tends to take a driver seat.
4. Improved Collaboration
This is the age of internet and social media and organizations cannot risk ignoring their significance in running their business. Technology has given an extra edge to business by providing mobility and flexibility in terms of operating their business. The use of modern gadgets helps resources to collaborate with other functions on the go instead of waiting and delaying the processes. On the one hand, modern advancements like Artificial Intelligence has handed resources ways to control their operations from a distance. On the other hand, secured communication lines enable them to pass critical information without having to worry about security lapses.
5. Better Risk and Regulatory Compliance
The world has become flat while businesses have become global. They grow and expand to become MNCs. In their pursuit to expand they need to adhere to local rules and regulations be it related to the environment, legal, information security or human resources. Thus, it becomes quite a hectic task to keep track of all different regulations imposed on business. ERP comes as a savior as they are developed and configured keeping these compliances in mind. Built-in auditing reports and auditing tools in ERP system makes the life a smooth sailing as they can be printed and sent to local governing bodies at any pick of time.
6. Customer Delight
A happy customer will always bring more new customers and thus more business. Customer delight has become the core values for most of the successful businesses of the world. Almost all the ERP systems are well equipped with Customer Relationship Management (CRM) tool to facilitate customer experiences. ERP systems, not just lets you dive in customer details but also provide a deep insight about its behavior, patterns, trends and business to understand and layout future strategies for the continued business relationship in a progressive manner.
7. Faster Response Time
Time is of utmost essence. Be it the response time customers or potential customers or suppliers or even internal communication for that matter of fact. Better and faster response time can act as a key differentiator from your close competitors. A frontline executive responsible for customer service can only be effective when he/she is aware of the entire picture and information integrated from all concerned departments and available in a centralized way in a quick span of time, almost real time. ERP system holds the functionality as their USP.
8. Quick Adoption to Latest Market trends
The world is evolving and so does our business and the platforms to do the business. Today’s hot cake shall be stale tomorrow. In order to match shoulders with the dynamic business environment, the business must evolve in every aspect and grasp the latest technological advancements. Most ERP systems are on a subscription basis and thus continuously evolving while incorporating the latest market trends and technologies. Thus, a business can shun the worries and can focus on their core competencies while remaining confident not to miss on any such advancements.
9. Happier Workforce
With legacy systems, repetitive work and boredom were an unavoidable part of daily routines for the workforce. Thus, parting ways with effectivity and productivity which in turn was reflected in their appraisal cycles and which meant distress among employees. ERP system not just eradicates the repetitiveness and boredom but always provides them an opportunity to enhance their skills and learn modern techniques and technologies giving them a competitive advantage and a boost to their confidence. A happy and content workforce is always an asset for any organization.
10. Focus on Innovation
With ERP, organizations are offloaded with many overheads about their core business functions and thus they can devote time and resources in research and development. Such investments can propel them on the path of innovation and thus developing even more groundbreaking products and services in order to enhance our experiences as customers. Many ERP system like Oracle does provide means and ways to organizations to follow a definite guided path to innovating new products.
In the nutshell, organizations which vision continuous and sustainable growth cannot afford to ignore to implement ERP solutions for their business. Modern-age growth demands you to leverage the latest trends, techniques, and technology to score on your competitors.
We, at Trinamix, comprehends all horizontals and verticals of business like none and excel in implementing Oracle ERP solutions, one of the market leaders in this spectrum. We are a trusted Oracle Platinum Partner and a one-stop solution to all your ERP needs.
About the Author
Ashutosh Sahu with almost 6 years of experience in Oracle VCP and Cloud applications, Ashutosh is a qualified MBA in Industrial and Supply Chain Management. His focus areas are advisory and solutions consulting for a range of Supply Chain organizations.